Do You Have Unclaimed Assets?

The total value of unclaimed financial assets in the UK is approximately ￡15-20 Billion.

But what is an unclaimed asset?

It's basically another name for money.

It could be a bank account you never closed, an insurance policy, endowment, pension, ISAs, unit trust, shares, bonds, or maybe even the $4million that Nigerian Prince promised you, because you seem to be a “god loving individual” - I love how he can tell that just from my gmail username!

Here are the stats

• People live on average at 11 addresses throughout their lives - making it easy to misplace or lose track of everything you've got.
• 32% of searches result in the recovery of lost or forgotten assets.

So, that's 1 in 3 of us that will find money you didn't know you had or that you forgot about.

The Average value of lost assets is ￡9,210. 

So what can you do and how do you know if you have Lost assets?

Google lost assets UK and a load of different sites come up. Personally, I used UAR.co.uk - the reason I chose that is because it’s Experian, (you know the credit check guys - they actually do a lot more than that but lets stick to calling them the credit check guys)

Please note, this is not a sponsored video and Experian are not paying me to mention them, it’s just a brand I know and trust and due to the sensitive nature of what you’re asking them, you need to make sure it remains confidential, otherwise you may be getting a few more calls from our prior mentioned Nigerian Prince.

So whether the account's yours or belonged to a deceased relative, it's worth spending 10 minutes looking. You could be in line for a windfall - one forum user found an old pension worth ￡39,000.

There's big money stored away waiting to be reclaimed. Some believe there's up to ￡850 million in old bank and building society accounts alone. There's also lost cash in Premium Bonds, pensions, investments and insurance policies - maybe up to ￡15 billion in total.

In fact there's so much lost cash, the Government has started to use it, setting up a 'Big Society fund' for social and community causes using cash in accounts that have been dormant for more than 15 years. As of January 2018, it was reported a further ￡330 million from dormant accounts was to be spent.  

However, any cash that is yours should still be available for reclaiming. You just need to do it!

Good Luck, and thanks for reading.

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About the Author:

Joe is a proud Father, Financial/Lifestyle Planner and Founder of Family Wealth 101. An online blog/forum containing regular free content, mainly in short videos about finance, family and Expat Living. No jargon, no sales.

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